“…Looks like free money AND zero interest rate is not a real motivator in long run…”
Oh it is still a real motivator. In fact an awesome motivator.
But only to the well placed insiders with access to credit, green lights to secure large, mostly public assets, and the protection of the public balance sheet if their bets go wrong.
The problem is that the process of acquiring control of assets with cheap money does not generate many jobs or drive broad based economic activity.
Did someone just say FIRE!